For the First Time, a Crypto Company Acquires a Bank in Europe

The parent company of Kraken has reached an agreement to acquire Saldo Bank, becoming the first crypto business to own a bank in Europe.

For the First Time, a Crypto Company Acquires a Bank in Europe

On October 14, Payward, the parent company of the crypto exchange Kraken, announced it has reached an agreement to acquire Saldo Finance Oy, a Finnish company that owns Saldo Bank UAB, a licensed digital bank operating in Lithuania - marking the first time a crypto company has successfully acquired a bank in Europe.

Kraken Parent Payward to Acquire EU-Regulated Lithuanian Bank Saldo

Kraken's parent company Payward has announced plans to acquire Saldo Bank, an EU-regulated bank in Lithuania, to expand into traditional banking services such as lending and card issuance, the Financial Times... pic.twitter.com/uml4Jf2OVC
--- Wu Blockchain (@WuBlockchain) October 14, 2026

The deal is expected to help Payward obtain a banking license in the European Union (EU), paving the way for the company to expand from crypto trading into traditional financial services such as accepting deposits, lending, and payments.

Acquiring the existing infrastructure and customer network of Saldo Bank will also help Payward accelerate its expansion in Europe without having to build a banking system from scratch.

According to the plan, the acquisition of Saldo Bank is expected to be completed in 2027, and after receiving regulatory approval, Payward plans to develop the Payward Banking segment with interest-bearing deposit services, secured and unsecured loans, credit cards, and euro transfers through the SEPA payment system.

In addition to serving customers directly, the company also aims to provide banking infrastructure for fintech businesses through a banking-as-a-service (BaaS) model, enabling these partners to implement payment services, issue cards, and offer loans without needing to build a bank themselves.

The value of the deal has not been disclosed, while data from The Banks shows that Saldo Bank had total assets of €163.9 million (approximately $180 million) at the end of 2025, an increase of 22.7% from the previous year.

Saldo Bank currently operates in Lithuania, Finland, Sweden, and Germany, and can also provide services in the Netherlands thanks to its EU-recognized license. The bank offers fixed-term deposit products in all four markets, along with consumer and small and medium-sized enterprise (SME) loan services.

Consumer lending is implemented in Lithuania, Finland, and Sweden, while SME loans are focused in Lithuania and Finland. Saldo Bank has also issued credit cards in Finland, with plans to expand into Sweden by 2027 and collaborate with fintech companies to provide loan services.

Arjun Sethi, co-CEO of Payward, emphasized that owning a licensed bank in the EU will allow the company to serve European customers as an official financial institution, expanding its role beyond crypto trading.

In fact, Payward has been gradually building financial infrastructure in various markets before announcing the Saldo Bank deal.

In the U.S., the company has gained access to part of the payment system of the Federal Reserve through a limited-purpose account and has applied for a nationwide trust banking license.

Meanwhile, in Europe, the company has been granted a cryptocurrency organization license (EMI) by the Central Bank of Ireland, allowing it to provide certain payment and electronic money transfer services.

Payward's banking segment has also disbursed a total of over $2 billion in loans, indicating that the company has begun to develop credit operations alongside its cryptocurrency asset business.

Previously, in August 2026, Payward continued to expand into consumer payments by launching a multi-asset debit card in the U.S. through the Krak app. The product allows users to spend both fiat and crypto, earning cashback of up to 2% in USD or Bitcoin.

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